Word: weidenbaum
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When Reagan took office last January, the unemployment rate stood at 7.4% and the President's Council of Economic Advisers, headed by Murray Weidenbaum, predicted that the average annual rate for 1981 would be 7.8% and that it would rise to 8% for at least part of the year. Instead, the rate dipped to 7% in July, but then began climbing again as the economy started to buckle, partly because of high interest rates. The exorbitant cost of borrowing especially plagued the automobile and construction industries, which in turn affected their suppliers, such as steel, rubber and timber firms...
...telling only the Atlantic Monthly.) The five were too afraid of being intimidated by Stockman to speak up in Cabinet meetings. Instead, they formed a rump group that met three times in July to voice their complaints to selected presidential aides. They never did get through to Reagan; Murray Weidenbaum, chairman of the Council of Economic Advisers, intended to carry their views to the President, but by then Reagan was hearing the same thing from Stockman...
...trauma may grow much worse. The Commerce Department reported last week that its index of leading economic indicators, which predicts future business trends, fell a steep 1.8% in October. Most forecasters, including Murray Weidenbaum, President Reagan's chief economic adviser, believe that unemployment will rise to about 9% before it eases next year, when business picks up again. That would equal the postwar record high set during the severe 1973-75 recession...
...into the magic by which Ronald Reagan's economic recovery program would prove a smashing success. Even David Stockman's adversaries admired his effectiveness as a promoter of the Reagan cause. At his regular breakfast last week with Treasury Secretary Donald Regan and Chief Economic Adviser Murray Weidenbaum, Stockman was delighted by a birthday cake presented by Regan, his principal rival within the bureaucracy. It was decorated with 35 tiny hatchets, symbolizing Stockman's tender years and his budget-slashing accomplishments. He laughed loudly at another Regan gift: a T shirt bearing the words...
...Monday debate Stockman was supported against Regan by Presidential Aides James Baker and Edwin Meese, as well as by Murray Weidenbaum, Chairman of the Council of Economic Advisers, and Martin Anderson, Assistant for Policy Development. They all urged the President to cling to his goal of a balanced budget by going along with tax increases. Stockman stressed that Reagan had spoken publicly of the balanced budget too often to abandon it. But the Treasury Secretary shrewdly argued that the President had only presented a balanced 1984 budget as a target, until pushed by reporters into viewing it as a promise...